ITR Forms & Rule for filing Updated Return of Income with additional tax Rule 12AC, ITRU notified
The Union Budget 2022-23 had proposed a new provision in section 139 for filing an updated return of income with additional tax by any person, whether he has filed a return previously for the relevant assessment year, or not.
Now the CBDT has notified the relevant rules and ITR Form for updated return of income as under:
(i) Rule 12AC. Updated return of income
(ii) ITR U. For persons to update income within twenty-four months from the end of the relevant assessment year
As per Rule, return of income to be furnished by any person, eligible to file such return under the sub-section (8A) of section 139, relating to the assessment year commencing on the 1st day of April, 2020 and subsequent assessment years shall be in Form ITR-U.
Manner of furnishing return of income is as under:
| Individual, or Hindu undivided family or a firm or limited liability partnership or an association of persons or a body of individuals, whether incorporated or not, or a local authority or an artificial juridical person in whose case accounts are required to be audited under section 44AB of the Act or a Company or a political party required to furnish a return in Form ITR-7 | Electronically under digital signature. |
| Individual, or Hindu undivided family, or firm, or limited liability partnership, or an association of persons or a body of individuals, whether incorporated or not, or a local authority or an artificial juridical person, or a person required to file a return under sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) of section 139, other than a person in preceding para above |
(A)Electronically under digital signature; (B) Transmitting the data electronically in the return under electronic verification code |
ICSI launches CS Mitr Scheme to give incentive for getting student registered in Executive Programme ICSI has launched CS Mitr…
CPC order u/s 143(1) is appealable and hence the doctrine of merger with order u/s 143(3) do not arise -…
Under GST Act, there is no specific provision which bounds selling dealer to disclose route to be taken during transportation…
Restrictions on use of words Nidhi Limited unless declared as such under section 406(1). Nidhi (Amendment) Rules 2024 MINISTRY OF…
MCA prescribes period and fee for updating of Directors personal mobile number or email address by e-form DIR-3 KYC MINISTRY…
Integrated Services from NIC-IRP e-invoice-1 and e-invoice-2 Portals GSTN has informed that NIC is releasing the integrated services from e-invoice-1…